When lender changes it's business model as you go to pay in full

[Deleted User]

Absolutely gutted to be in this position while I hope an error?

Selected an amount to pay in full via Sunny online, paying my loan early I believed I was eligible for a reduction as it showed having the loan less 3 weeks
I paid capital plus interest at 27% of the APR covering the time to the authorisation of payment

On this same day of debit they announce a change in their business model as confusing as it gets when I thought they had pretty good model and was why I had returned to them in favour of others, I appreciate this change is due to the FCA however worser shock was in store

To add insult it looks like the remaining balance that was reduced in this early payment has been pulled though to the new to be site of sunny eeek - covering bases if it isn't a mistake
I just wondered who is right am I allowed to go by old sunny? the notice given seems so inadequate, after paying!!! there was no warning 17 days ago by the lender - I also wasn't given a contract this time around borrowing so guess neither of us can prove anything?

fwor

The company's business model is not really relevant. The term and conditions of the contract that you signed up to are what matter.

This should not be something that neither party can prove - if you contact them they will be able to give you a copy of the T&Cs that applied to your loan, and these should determine what you can do in terms of early repayments. Subsequent changes to their standard T&Cs should not retrospectively apply to a loan agreement that is already in place.

[Deleted User]

Thanks, forgive my little panic this has resolved, waiting for email reply got the better of me and I've called to be told it was a technical issue with the account, rolling account so perhaps it didn't require a new agreement/contract anyway I'm mooted!

Appreciate the reply, thanks again

[Deleted User]

2 phonecalls later, can't help feel I am getting fobbed off, whilst someone is cashing in my paying 27% I still have the same issue, with nothing else to go by any chance someone can advise 17 days @ their website advertised APR 1971 which was at 27% for £200 borrowed

Sunny or quid.co.uk (?!) confirm payment debit at 5.10am as if this makes any difference as I've still made it the 17th day and up to this point I'd paid just over £25 in interest

I can see an option to pay £1.33 of the Jan accuring balance at the mo, just want to get rid off LOL I know perhaps I should wait for 24% to kick in!

Who governs the FCA? it it MOJ

Gaz83

Your post isn't very clear at all, but 17 days' worth of interest on a £200 loan at 27% APR works out to be £2.53.